News and Financial Information

Protective Life Corporation Announces Notice of Redemption of 8.00% Senior Notes due 2024

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NYSE:

PL

NYSE:

PLP

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Protective Life Corporation (NYSE: PL) (“Protective” or the “Company”)
today announced that it has issued notice to redeem the entire
$100,000,000 outstanding principal amount of the Company’s 8.00% Senior
Notes due October 15, 2024 (NYSE: PLP) issued on October 9, 2009, CUSIP
743674 509 (the “Senior Notes”). Holders of the Senior Notes will
receive on the redemption date the outstanding principal amount of the
Senior Notes plus accrued and unpaid interest to the redemption date.

Payment in respect of the redemption of the Senior Notes is expected to
be made on October 15, 2014 (the “Redemption Date”). Protective intends
to fund the redemption of the Senior Notes from a draw under its
revolving credit facility. The Senior Notes will no longer be
outstanding after the Redemption Date, and other than the rights of
holders to receive payment of the redemption amount of the Senior Notes,
all rights with respect to the Senior Notes will cease to accrue on the
Redemption Date.

ABOUT PROTECTIVE LIFE CORPORATION

Protective Life Corporation provides financial services through the
production, distribution and administration of insurance and investment
products throughout the U.S. It has annual revenues of approximately
$4.0 billion and as of December 31, 2013 had assets of approximately
$68.8 billion.

Forward-Looking Statements

This press release includes “forward-looking statements” that may
express expectations of future events and results, including statements
regarding the Senior Notes, the related redemption, the intended funding
of the redemption and the expected timing of the completion of the
proposed redemption. All statements that express expectations for and
results of future events rather than historical facts are
forward-looking statements that may involve certain risks and
uncertainties. Protective cautions that a number of risks, uncertainties
and other factors could cause the Company’s actual results or events in
the future to differ materially from those expressed in, or implied by,
the forward-looking statements, including, without limitation,
disruptions in political or economic conditions generally, or in the
Company’s industry; the occurrence of any event, change or other
circumstances that could prevent the Company from making a draw under
its revolving credit facility to pay the redemption price; the Company’s
continued ability to comply with the terms of the indenture governing
the Senior Notes and applicable laws and regulations; the effects of the
Company’s indebtedness and its compliance with the terms thereof.
Additional factors that may cause results or events to differ materially
from those described in the forward-looking statements are set forth in
the Company’s Annual Report on Form 10—K for the fiscal year ended
December 31, 2013, which was filed with the SEC on February 28, 2014,
under the heading “Item 1A—Risk Factors and Cautionary Factors that
May Affect Future Results,” and in subsequent reports on Forms 10—Q and
8—K filed with the SEC by the Company. The Company may elect to update
these forward-looking statements at some point in the future; however,
it specifically disclaims any obligation to do so.